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Budgeting for Teenagers

Budgeting for Teenagers. Middle School Financial Literacy #2. Pre-Test. What are the three keys to keeping a budget? What are the two main categories of a budget? What is the most important key to keeping a budget?. Objectives. Review Last Week’s Lesson Keys to a Good Budget

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Budgeting for Teenagers

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  1. Budgeting for Teenagers Middle School Financial Literacy #2

  2. Pre-Test • What are the three keys to keeping a budget? • What are the two main categories of a budget? • What is the most important key to keeping a budget?

  3. Objectives • Review Last Week’s Lesson • Keys to a Good Budget • Sample Monthly Budget • Plan for a Monthly Budget

  4. Review Last Week’s Lesson • Tool on the internet that provides information about income vs. expenses • Reality Check • What is the annual salary needed to cover your expenses? • Average Range: $50,000-$60,000 • What careers of interest cover those expenses? • Usually needs to be a high-skilled career with some type of postsecondary education

  5. Keys to a Good Budget • Set Goals • Increase Income and Reduce Expenses • Create and Modify Your Budget • Find ways to improve budget • Follow Through • Most important • Make budgeting a habit

  6. Watch “Youth on Savings” Video • Take Notes • How many of the seven teens budget money well? • Name one teen that does budget well and one that does not. Explain why you selected these two teens.

  7. Income (Money Earned) • Money Earned • Lawn Mowing • Babysitting • Shoveling Snow • Allowance • Monthly amount from your parents • Other • Birthday or Christmas money • Interest from savings account

  8. Expenses • Entertainment • Movies, Sporting Events, Going Out for Pizza • Clothes • May not spend money on clothes every month • Food/Snacks • Technology • Video Games, Download Music • Savings

  9. Sample Monthly Budget • 7th grader • First try at a budget • Not sure how much money he/she will earn • Set a goal for $50.00 • Not sure how much money will be spent • Set a saving’s goal for $20.00 a month

  10. Sample Monthly Budget

  11. Sample Monthly Budget

  12. Sample Monthly Budget

  13. Individual Reflection • What are some ways you earn money or can earn money? • How much money do you hope to save monthly? • On a scale to from one to ten, how well do you think you will follow through using a budget?

  14. Classroom Discussion • What are some ways you earn money or can earn money? • What are the expenses that you need to budget for? • On a scale to from one to ten, how well do you think you will follow through using a budget?

  15. Post-Test • What are the three keys to keeping a budget? • What are the two main categories of a budget? • What is the most important key to keeping a budget?

  16. Review • Three keys to keeping a budget • Set goals • Create and modify your budget • Follow through • Two main categories of a budget • Income and Expenses • Most important key to keeping a budget • Follow through

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